Tesla’s (NASDAQ:TSLA) Bulls Retreat
Tesla’s (NASDAQ:TSLA) Bullish sentiment has sharply shifted on the stock, and Wall Street is not likely to buy into any more pf CEO Elon Musk’s hype until August’s Quarterly earnings gives them a reason to, it they do.
This means that it is time to look at a short-term Bearish position on the nascent EV maker’s stock.
No matter if you like Mr. Musk’s style on not the direction for the stock over the next several week will remain to the Southside, barring any Key developments which are not expected.
The EV maker’s stock has been ranged in a down-trending channel since the end of February 2018. The only breakout from this range was to the Southside, shortly after the company’s recent trip to the earnings Hell.
The shares rebounded sharply from those lows, but T-Bulls did not have the buying strength to extend that rally beyond Key resistance.
And there are layers of overhead resistance.
Added to that Tesla’s 50-Day MA continues to apply downward pressure, and the immediate resistances at 286.52 and 308.66 pose high hurdles to the stock breaking out of its current trend.
Tesla’s stock needs a catalyst, and it does not have 1 scheduled until its next Quarterly report in early August.
Meanwhile, all of the news has been negative, and the selling active.
|NASDAQ:TSLA||284.73||31 May 2018||-6.99||287.21||290.37||282.93||5,919,700|
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Neutral (-0.24)||Neutral (-0.17)||Bearish (-0.33)||Neutral (-0.22)|
Have a terrific weekend.